Goldman CFO warns of "fragility of the recovery"

PolyaLesova

NEW YORK (MarketWatch) -- The chief financial officer of Goldman Sachs Group Inc.
GS, +2.50%
David Viniar, said on Tuesday that the bank remains cautious given the "fragility" of the economic recovery and mixed investor sentiment. Speaking on a conference call with analysts, Viniar said that mergers and acquisitions activity "has not yet gained momentum" and that confidence among chief executive officers has not recovered. "The biggest thing that drives our risk appetite is our client flow: what our clients are doing and how much they want to do," Viniar said. He explained that the bank has been cautious because its clients are cautious. The European debt crisis remains at the top of the list of concerns, Viniar said.

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